Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92437
標題: 企業社會責任與股價報酬之關係
The Relationship between Stock Returns and Corporate Social Responsibility
作者: Mei-Lan.Liu
劉美蘭
關鍵字: 企業社會責任;股價報酬;Corporate Social Responsibility;return stock price
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摘要: 
近年來,企業社會責任議題已廣受國內外各界討論與重視,且國內外企業除努力實踐企業社會責任外,編製並發行企業社會責任報告書已成為國際企業的趨勢,全球企業出具社會責任報告大幅增加,越來越多國家要求企業出具社會責任報告,而台灣主管機關也在近期發佈法令要求上市公司屬特定行業及一定規模以上之公司需編製企業社會責任報告。因此,本文探討企業社會責任與股價報酬之關聯,以2007年到2013年之間台灣上市、櫃公司企業社會責任報告書有編製或得獎者與未編製或未得獎者進行實證觀察,採用Rosenbaum and Rubin (1983)之傾向分數配對法(Propensity Score Matching Method; PSM)根據特性變數相近配對樣本後再進行迴歸分析。
實證結果發現,企業編製企業社會責任報告書對股價報酬有正向影響,企業社會責任得獎對股價報酬也有正向影響,且企業編製企業社會責任報告書且企業社會責任得獎,對股價報酬的影響有增額效果。此結果與Porter and Kramer (2002)所認為企業對企業社會責任的參與,可以為企業整體運作及社會大眾的觀感加分,可視為重要的經營策略的觀點互相呼應。

Corporate social responsibility (CSR) have been widely discussed and valued recently, it's the trend for global enterprise to prepare and issue the CSR report. A substantial increase in global enterprise tried hard to fulfill the responsibility and issued the CSR report too. Competent Authority in Taiwan also declared the decree that specific industries belong to listed companies and companies above certain size must issue the CSR report. Therefore, this paper discusses the relevance between corporate social responsibility and return of stock price. The discussion adopted Propensity Score Matching Method(PSM) used by Rosenbaum and Rubin(1983), the method used regression analysis based on the similar characteristics of variables samples, which are the listed company who issued CSR report or been awarded and the listed company who do not issued CSR report or do not been awarded during 2007 to 2013.
There are positive impact and incremental effect for return stock price because of issued CSR report or been awarded according to the result of empirical research above. The result is similar to Porter and Kramer (2002), who believed that there would be an incremental positive impression for general public, enterprise operation and also seems to be an important business strategy if the enterprise participated in CSR.
URI: http://hdl.handle.net/11455/92437
其他識別: U0005-2506201519400500
Rights: 不同意授權瀏覽/列印電子全文服務
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